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Income taxes
3 Months Ended
Mar. 31, 2022
Income taxes  
Income taxes

13. Income taxes

The Company’s effective tax rate was 16.0% for the three months ended March 31, 2022 compared to 22.0% for the three months ended March 31, 2021. The lower tax rate was due to a higher level of tax-exempt income in the current quarter and a $621 deferred tax adjustment related to prior periods in the quarter ended March 31, 2021. Excluding this adjustment, the effective tax rate would have been 16.9% for the three month period ended March 31, 2021.